Sea Oil Public Company Limited entered into memorandum of agreement to acquire solar power plant business from Nathalin Company Limited, Paleerat Panbunhom, Suraphol Meesathian and Somsak Rassameewiriyanont for approximately THB 190 million.
November 25, 2016
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Sea Oil Public Company Limited (SET:SEAOIL) entered into memorandum of agreement to acquire solar power plant business from Nathalin Company Limited, Paleerat Panbunhom, Suraphol Meesathian and Somsak Rassameewiriyanont for approximately THB 190 million on November 10, 2016. The assets of the target includes, NW Green Power Co., Ltd., NW Solar Co., Ltd., NW Energy Co., Ltd., Renergy Solar Co., Ltd., Sunlink Power Co., Ltd., Solar Town Co., Ltd., Sunny Solar Co., Ltd., Sky Solar Power Co., Ltd., and Sky Solar Roof Co., Ltd. Currently Nathalin Company Limited hold 97.97% stake and Paleerat Panbunhom, Suraphol Meesathian and Somsak Rassameewiriyanont hold 1% each in the target companies. The consideration will be financed from the proceeds derived from the rights issue and internal cash flow.
Sky Solar Roof Co., Ltd., reported total assets of THB 52.88 million, total shareholders equity of approximately THB 44.87 million, EBIT of THB 5.06 million and net profit of approximately THB 2.76 million. Sky Solar Power Co., Ltd., reported total assets of THB 60.12 million, total shareholders equity of THB 7.91 million, EBIT of approximately THB 4.69 million and net profit of approximately THB 2.45 million. NW Green Power Co., Ltd., reported total assets of approximately THB 109.17 million, total shareholders equity of approximately THB 17.46 million, EBIT of approximately THB 10.14 million and approximately net profit of THB 5.61 million. NW Energy Co., Ltd., reported total assets of THB 51.89 million, total shareholders equity of THB 8.37 million, EBIT of THB 5.09 million and net profit of THB 2.78 million. NW Solar Co., Ltd., reported total assets of approximately THB 41.9 million, total shareholders equity of approximately THB 5.6 million, EBIT of THB 3.12 million and net profit of THB 1.23 million. Sunny Solar Co., Ltd., reported total assets of THB 42.24 million, total shareholders equity of THB 6.03 million, EBIT of THB 3.58 million and net profit of THB 1.75 million. Sunlink Power Co., Ltd., reported total assets of THB 9.81 million, total shareholders equity of approximately THB 0.99 million, EBIT of approximately THB 0.28 million and net profit of approximately THB (0.07) million. Solar Town Co., Ltd., reported total assets of THB 52.11 million, total shareholders equity of THB 8.16 million, EBIT of approximately THB 4.94 million and net profit of THB 2.7 million and Renergy Co., Ltd., reported total assets of approximately THB 3.93 million, total shareholders equity of THB (0.67) million, EBIT of approximately THB (1.17) million and net profit of approximately THB (1.36) million for the year ended December 31, 2015.
The transaction is subject to shareholder approval of Sea Oil Public Company Limited and Nathalin Company Limited., financial institution creditor or personal creditor and the Board of Directors of Sea Oil Public Company Limited approved the transaction. I V Global Securities Public Company Limited is of opinion that the transaction is reasonable and fair and recommends shareholders of Sea Oil Public Company Limited to approve the transaction. I V Global Securities Public Company Limited acted as independent financial advisor for shareholder of Sea Oil Public Company Limited. As of January 19, 2017, Sea Oil Public Company Limited held shareholders meeting and approved the transaction.
Sea Oil Public Company Limited is engaged in the retail sale of fuel oil and lubricant oil. It provides services and supply management for clients in the oil industryâs exploration and lease of solvent and petrochemical factories. The Companyâs segments include Maritime sales of fuel oil and lubricant oil; Land sales and other channelsâ sales of fuel oil and lubricant oil; Catering service, which provides service and supply management for clients in the oil industryâs exploration and production; and Lease of solvent and petrochemical factory. Its Oil trading business supplies and distributes oil and petroleum to various customer groups, such as cargo ships, tanker vessels, offshore support vessels, and the land and marine transportation industry. It also offers catering and supply management and other services for sea habitation, marine and offshore oil rigs, and gas for both onshore and offshore. It is also involved in the exploration and production business.
Sea Oil Public Company Limited entered into memorandum of agreement to acquire solar power plant business from Nathalin Company Limited, Paleerat Panbunhom, Suraphol Meesathian and Somsak Rassameewiriyanont for approximately THB 190 million.